Vanzo Holdings Berhad (“Vanzo” or “Company”), a leading homegrown air fragrance company in Malaysia, has signed an underwriting agreement with M&A Securities Sdn Bhd (“M&A Securities”) for the Company’s initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

The Company will undertake an IPO of 140,026,000 shares (“IPO Shares”), which entails a public issue of 93,351,000 new shares in Vanzo (“Issue Shares”). Of this, M&A Securities will underwrite a total of 46,676,000 Issue Shares, which comprises of 23,338,000 Issue Shares representing the portion made available to the Malaysian public via balloting and 23,338,000 Issue Shares to be allocated to eligible directors and employees as well as persons who have contributed to the success of Vanzo. The remainder of 46,675,000 issue shares will be allocated by way of private placement to selected investors.

Additionally, the IPO also involves offer for sale of up to 46,675,000 existing shares (“Offer Shares”), which will be placed privately to selected investors. 

Vanzo is principally involved in the design, marketing and sale of air fragrance and fragrance-related products. The company sells its products through distributors and resellers, such as car accessories distributors and FMCG distributors, as well as retailers, including health and beauty product retailers, pharmacies, supermarkets, hypermarkets, convenience stores, car wash shops, car detailing shops, car accessories retailers, and electronics and mobile gadget retailers. Vanzo also markets and retails its products via social media platforms, e-commerce marketplaces, and its official website (https://www.vanzoasia.com). As of September 2024, the company has a total of six retail kiosks located in Klang Valley and Sarawak, and it has expanded its geographical footprint beyond Malaysia to include Brunei, Singapore, and Australia.

According to Vanzo, proceeds from the IPO will be utilised to partly finance the business expansion of new retail kiosks as well as marketing and promotion activities. Whereas the remainder of the proceeds will be used for repayment of bank borrowings, working capital and listing expenses. 

Allan Wong, the Managing Director of Vanzo said, “We are excited to embark on the IPO journey by kickstarting with this underwriting agreement with M&A Securities. This marks a significant milestone for Vanzo as we are taking a major step toward expanding our presence in the market. We believe that this partnership will not only enhance our growth trajectory but also enable us to bring our innovative air fragrance and fragrance-related products to a wider audience, further solidifying our position as a leader in the industry.” 

Vanzo is expected to be listed in the fourth quarter of 2024. M&A Securities is the IPO's Principal Adviser, Sponsor, Underwriter and Placement Agent, while Eco Asia Capital Advisory Sdn Bhd is the Financial Adviser. 

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